Litecoin blockchain suffered the third halving in its history as the cryptocurrency fell in price

The Litecoin ecosystem has successfully survived its third halving. The update was announced on the official Litecoin Twitter account.

The halving took place on August 2 around 18:00 (Kyiv time) with the generation of a block of 2,520,000. The price of LTC in the LTC/USD trading pair after the update was $ 90, and the market capitalization was $ 6.5 billion, according to TradingView.

As a result of the halving, the reward for mining a block on the Litecoin network was halved from 12.5 LTC to 6.25 LTC. The next halving in the Litecoin network is scheduled for 2027.

Litecoin founder Charlie Lee, traders Peter Brandt and Bluntz predicted the growth of LTC amid the halving. Experts were convinced that after the historically important event, Litecoin would rise to $ 110. However, at the time of writing, the token has not only failed to rise in price but has actually fallen. The daily drop in LTC value is 6%, and the weekly drop is 5.4%. Litecoin is currently trading at $ 86.38.

Litecoin is one of the first altcoins created, founded in 2011 by former Google engineer Charlie Lee. He sought to create a lighter version of bitcoin that would allow for near-instant and inexpensive payments. Litecoin used the code and some of the features of bitcoin in its blockchain, but prioritized the speed of transaction confirmation.

Because of its similarity to BTC, the Litecoin blockchain is used as a testbed for developers to experiment with technologies they want to implement in bitcoin. Similar to BTC, it is deflationary in nature and halves every 840,000 blocks (approximately every 4 years).